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VA Loan / Veteran Mortgage News
SPONSOR:
Pioneer Military Loans offers responsible military lending solutions that can help
service members avoid or break the debt cycle. Pioneer serves active-duty and career-retired military service members,
as well as Department of Defense employees.
FEBRUARY 2004
No More Lifetime Use for VA Home Loan Benefits?
According to the President's budget proposal for fiscal year 2005, the Bush administration
is proposing to end the multiple use of the Department of Veterans Affairs guaranteed mortgages
over the next five years that is currently being enjoyed by millions of veterans.
Many veterans purchase a VA home utilizing their Certificate of Eligibilty, which upon
underwriters approval, allows the VA to guaranty a portion of the veteran's loan.
Veterans currently can use their eligibility over and over again to purchase another
home if their eligibility has been reinstated by selling or refinancing the original
loan not using a VA loan.
In order to refocus the VA loan program, the administration "will be transmitting
legislation that would limit eligibility for veterans' housing loans to one-time use in
lieu of the life-time, multi-use entitlement it has become". While the administration proposal
would not limit access to VA mortgage loans by active-duty members of the armed forces,
it would affect the balance of the millions of US veterans.
Once Congress approves the proposal,
current veterans would have unlimited use for five years and "then only once thereafter," the
budget document says. We strongly urge each veteran to contact and write to their local congressional representatives
and tell them not to allow your rights to use your VA eligibility be taken away from
you under any circumstances.
U.S. Economy Forges Ahead
American borrowers have enjoyed falling rates in the first quarter of 2004. That's an amazing
occurrence, since it also comes at a time of strong economic growth. Lower inflation rates are
helping to keep borrowing costs down. Some economists predict 2004 will bring the smallest
annual inflation rate in almost two decades.
Yet our economy also has been expanding at the fastest pace seen in years. Both consumer
spending and business investment are behind this growth. Consumers have benefited from tax
cuts that give them extra cash. Healthy economic growth also means most households should
see their incomes rising this year. Business equipment spending is growing rapidly, as well.
Many experts predict hiring soon will pick up, allowing the unemployment rate to edge down.
Today's Best Mortgage Shopping Tips
Frequently we hear unfortunate stories from consumers who didn't receive the mortgage rate a
lender had advertised. For a number of reasons borrowers may not qualify for the best rates.
But you should be told why that happens early in the process. Here are factors that affect mortgage
rates:
- Property type - Someone purchasing a condominium or rental property typically pays a higher rate. Lenders find some housing is riskier to make loans for, and that changes their pricing.
- Borrower characteristics - Your credit history, and your ability to document that you have sufficient income and savings to make a purchase will affect your mortgage rate. Although loans are available for buyers in different situations, their rates will vary.
- Loan characteristics - Some borrowers prefer to pay "points" to reduce their loan's rate, while others accept a higher rate in exchange for lower closing costs.
Other factors that can affect your mortgage rate are the dollar amount of your loan, and
whether you take cash out of built-up equity. Having a second mortgage or equity credit
line also may change the rate on your first mortgage. The number of years your loan is scheduled
to last modifies loan pricing, as well. Additionally, it's important to know how your mortgage
could change in the future.
The GI Bill Can Change Your Future.
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Solid Home Sales
A combination of low interest rates and a flourishing economy will energize the housing market
this year. Steady demand could mean house prices will go up around six percent in 2004,
forecasters say. Someone with a home worth $200,000 would see their net worth increasing
$12,000 this year as result! Last year existing home prices went up 7.5 percent, says
the National Association of Realtors. Living in your own home will continue to be a
wealth-building strategy in 2004. Let us know if you're thinking about buying your first home,
moving up, or purchasing a vacation or rental property this year.
For Sale By Owner - Discount Home Listing and Rental Services
We are happy to announce a new edition to our military discounts page.
MilitaryByOwner.com is
offering a 10% discount to VALoans.com customers who place their home listing through our
military discounts page or this email. For those of you not familiar with MilitaryByOwner, David and Sharon Gran,
an active duty Marine Corps family, founded MilitaryByOwner in 2000. The site was created to
help military families advertise their homes "For Sale by Owner" or "For Rent" around U.S. Military
bases of all four services and the Coast Guard.
During Christmas of 1999, Dave had a conversation about military moves with his father.
He was commenting that a disadvantage of constantly moving with the military was the difficulty
in building equity in a home due to realtor and other fees associated with the sale. Dave's
father asked if the military had a program to link-up service members selling or hunting for a home.
Dave and Sharon were not aware of any such program, and after a little research
started MilitaryByOwner.
MilitaryByOwner has experienced continued growth. 2003 visitors exceeding 250,000 and 2004 estimates indicate almost twice that. Dave stated that his best form of marketing has been word of mouth. It seems that once the idea catches on in any particular military community the word spreads like wild fire. Although MilitaryByOwner cannot guarantee that your advertisement will be successful, they do guarantee that you will be satisfied with the presentation of your ad. This is easy for Sharon and Dave to do, because they directly correspond with each and every customer.
Here are some comments from families that have used MilitaryByOwner.com.
- Pentagon - Arlington, Virginia - David, I have rented my property to another MilitaryByOwner customer. Thanks for the great website and superior service. Please place a "Rented" banner on the property. Thank you. Brian
- Fort Bragg, North Carolina Great news...our home sold within a week. We have received lots of feedback via your site. Thanks a bunch. You can take our listing off of the website or post a big "SOLD" on it...giggle... Gina
- Elmendorf AFB - Anchorage, Alaska - The response was great. We did find a renter through the ad, so it has proven to be a great resource. We will use you in the future, definitely! Denise
Please give MilitaryByOwner.com a visit and help Dave and Sharon spread the word about this
great resource to military families and the communities that support them!
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